Oportun Completes $538 Million Asset Backed Securitization

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Oportun completed a $538 million asset-backed securitization backed by installment loans. The deal carried a 5.29% weighted average yield and received an AAA rating on the most senior notes. The company said the transaction lowered its funding costs and strengthened its balance sheet. Oportun also paid down $10 million of higher-cost corporate debt after the second quarter. The company framed the financing as support for expanding affordable credit to more qualified borrowers.

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